365 Companies and Investors Announce Support for EPA’s Clean Power Planhttp://www.ceres.org/press/press-releases/365-companies-and-investors-announce-support-for-epa2019s-clean-power-plan
The 365 businesses and investors – from small local companies to Fortune 500 leaders with headquarters and operations in all 50 states – is the largest-ever group of business voices to support the Clean Power Plan, the biggest carbon reducing measure in the country’s history.In an unprecedented show of business support for tackling climate change, 365 companies and investors sent letters today to more than two-dozen governors across the United States voicing their support for the Environmental Protection Agency’s Clean Power Plan for existing power plants and encouraging the state’s “timely finalization” of state implementation plans to meet the new standards.

The letter, organized by sustainability advocacy group Ceres, comes just days before the expected finalization of the rule aimed at reducing U.S. power plant carbon pollution by 30 percent by 2030.

“Our support is firmly grounded in economic reality,” wrote the businesses, including industry giants such as General Mills, Mars Inc., Nestle, Staples, Unilever and VF Corporation. “Clean energy solutions are cost effective and innovative ways to drive investment and reduce greenhouse gas emissions. Increasingly, businesses rely on renewable energy and energy efficiency solutions to cut costs and improve corporation performance.”

The 365 businesses and investors – from small local companies to Fortune 500 leaders, with headquarters and operations in all 50 states – is the largest-ever group of business voices to support the Clean Power Plan, the biggest carbon reducing measure in the country’s history, according to Ceres. Letters were sent to 29 governors.

“More than ever, businesses and investors are waking up to the threat of climate change and the urgency for low-carbon solutions that make strong economic sense,” said Ceres president Mindy Lubber. “The Clean Power Plan speaks to these growing business concerns by providing certainty and flexibility in building their own clean energy strategies.”

The EPA Clean Power Plan is the nation’s first comprehensive effort to reduce carbon pollution from existing electric power plants – the single largest source of global warming pollution in the country. The plan sets unique emissions reduction targets for each state to achieve by 2030 and gives states flexibility in how to best achieve their goals, such as through deployment of renewable energy and energy efficiency.

The letters follow a trend in which a growing number of businesses are increasingly relying on renewable energy and energy efficiency to cut their costs and reduce their reliance on high polluting, price volatile fossil fuels. A 2014 study by Ceres, Calvert Investments and the World Wildlife Fund found that 60 percent of Fortune 100 companies have set their own clean energy targets and have saved more than $1 billion in energy costs by doing so.

“Having access to clean energy choices, whether efficiency or renewable energy, helps us manage our energy related costs while also reducing our environmental impact,” said Letitia Webster, senior director of global sustainability at VF Corporation, a North Carolina-based apparel company whose brands include The North Face, Timberland and Reef. “The Clean Power Plan will enable us to continue to invest in clean energy solutions and further advance our greenhouse gas reduction goals.” VF Corporation employs about 50,000 employees.

“Staples is actively committed to minimizing our environmental footprint and helping our customers do the same. It’s simply smart business,” said Mark Buckley, vice president of environmental affairs at Staples. “Implementation of the Clean Power Plan will enable us to further meet our energy goals by providing more predictable energy supply options."

“General Mills is committed to doing our part to tackle climate change and we fully support the effective implementation of the Clean Power Plan”, said Jerry Lynch, Chief Sustainability Officer of General Mills. “In particular, we applaud the efforts of our home state of Minnesota for the progress its energy officials are making in building a plan that will work cost-effectively for the families, farmers, municipalities and the business community alike."

"It's going to take action from all of us to avoid the worst consequences of climate change. Delivering required emissions reductions as well as economic benefits is the route to a better future," said Kevin Rabinovitch, Global Sustainability Director, Mars. "For businesses like Mars, that means delivering on efficiency and renewable energy; for the EPA and state governors, that means developing and delivering against initiatives like the Clean Power Plan. We applaud this contribution to the critically important collective effort to secure our collective future.”

“Climate change poses serious risks to financial markets and the U.S. economy,” said Stu Dalheim, vice president of shareholder advocacy at Calvert Investments, which manages more than $13.5 billion. “At Calvert, we believe solutions to climate change offer real opportunities to U.S. investors and companies. That’s why we strongly support the EPA’s Clean Power Plan. It’s common-sense, flexible and pragmatic approach will provide investors with the certainty needed to put their capital to work to continue the transition to a low-carbon economy.”

“By providing investors with more stable incentives, the President’s Clean Power Plan represents a once-in-a-generation opportunity to curtail greenhouse gas emissions and accelerate a just transition away from fossil fuels and toward a clean energy economy,” said NYC Comptroller Scott Stringer, trustee for the City’s $160 billion pension system.

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of dozens of companies committed to working with policymakers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews

]]>No publisherMegan DohertyEPA Clean Power Plan2015-08-01T03:55:00ZPress Release41 Colorado Businesses and Investors Urge Gov. Hickenlooper’s Timely Implementation of EPA’s Clean Power Planhttp://www.ceres.org/press/press-releases/41-colorado-businesses-urge-gov.-hickenlooper2019s-timely-implementation-of-epa2019s-clean-power-plan
Today, 41 businesses and investors with a significant presence in Colorado issued a letter to Colorado Governor John Hickenlooper offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan. The letter was coordinated by the nonprofit sustainability advocacy organization, Ceres.Today, 41 businesses and investors with a significant presence in Colorado issued a letter to Colorado Governor John Hickenlooper offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan. The letter was coordinated by the nonprofit sustainability advocacy organization, Ceres.

The EPA Clean Power Plan is the nation’s first comprehensive effort to reduce carbon pollution from existing electric power plants—the single largest source of global warming pollution in the U.S. The plan sets unique emissions reduction targets for each state to achieve by 2030 and provides the states flexible approaches to meeting the reductions in their implementation plans, such as through deployment of renewable energy and energy efficiency.

"At Aspen Skiing Company, we are acutely aware of the threat that fossil fuel-induced climate change poses both to our industry, as well as to the planet more broadly," said Auden Schendler, Vice President of Sustainability at Aspen Skiing Company. "That's why we advocate so strongly for policies like the EPA Clean Power Plan. On our own, we've moved rapidly to slash our carbon footprint, including through increased investment in renewable power and energy efficiency projects. These measures are good both for the environment and also for our business, but they are not enough. We appreciate Colorado's willingness to proactively implement the EPA's Clean Power Plan goals for our state, and for the ski industry that draws so much investment and tourism here."

The letter follows a trend in which a growing number of businesses are increasingly relying on renewable energy and energy efficiency solutions to cut their costs and boost their competitiveness. A 2014 study co-authored by Ceres, Calvert Investments and the World Wildlife Fund found that 60 percent of Fortune 100 companies have set their own clean energy targets and have saved more than $1 billion a year in the process.

“Colorado's clean energy policy, such as the Renewable Energy Standard, has enabled New Belgium to take a leadership role in energy management in the energy-intensive brewing industry,” said Jenn Vervier, Director of Strategy and Sustainability at New Belgium Brewing. “The Clean Power Plan presents an opportunity for the state to continue that leadership, and we support Gov. Hickenlooper’s efforts in working to develop a robust state implementation plan.”

Colorado already has some of the most robust renewable energy and energy efficiency programs in the country, with 17 percent of the state's energy coming from renewable sources in 2013, thanks in large part to a strong Renewable Energy Standard for investor-owned-utilities of 30 percent clean energy by 2020. In addition, Colorado has enormous solar and wind power potential, putting the state in a strong position to meet and exceed the Clean Power Plan’s targets. Xcel Energy, Colorado’s largest utility, has been increasing investment in renewable energy and energy efficiency, and recent research shows that carbon dioxide emissions from electric power plants in Colorado decreased by about 10 percent from 2008 to 2013.

"At First Affirmative Financial Network, we strongly believe that investing in clean energy can deliver better investment performance for our clients while mitigating systemic risk," said Steven J. Schueth, President, First Affirmative Financial Network. "We hope that our home state of Colorado, a state with enormous wind and solar power potential, will work aggressively and quickly to implement the EPA's Clean Power Plan goals."

The businesses listed below emphasize that there is no tradeoff between continued economic growth and cutting carbon pollution, and strongly encourage Governor Hickenlooper to ensure Colorado's timely finalization and implementation of the state's carbon pollution reduction plans.

“As you develop your implementation plan we hope you will include the building blocks of renewable energy and energy efficiency, which will allow you to mitigate the risks of climate change and the volatility of fossil fuel prices,” they state.

Bold indicates companies with >$100M in annual revenue and investors with >$2B in assets under management.

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of dozens of companies committed to working with policymakers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews

]]>No publisherTessa CastellaniExclude from HomepageEPA Clean Power Plan2015-07-31T03:55:00ZPress Release29 North Carolina Companies and Investors Urge Gov. McCrory's Timely Implementation of EPA's Clean Power Planhttp://www.ceres.org/press/press-releases/29-north-carolina-companies-urge-gov.-mccrorys-timely-implementation-of-epas-clean-power-plan
Today, 29 businesses and investors with a significant presence in North Carolina issued a letter to Governor Patrick McCrory offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan. The letter was coordinated by the nonprofit sustainability advocacy organization, Ceres.Today, 29 businesses and investors with a significant presence in North Carolina issued a letter to Governor Patrick McCrory offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan. The letter was coordinated by the nonprofit sustainability advocacy organization, Ceres.

The EPA Clean Power Plan is the nation’s first comprehensive effort to reduce carbon pollution from existing electric power plants—the single largest source of global warming pollution in the U.S. The plan sets unique emissions reduction targets for each state to achieve by 2030 and allows the states flexible approaches to meeting the reductions in their implementation plans, such as through deployment of renewable energy and energy efficiency.

“At Trillium Asset Management, we know that moving rapidly to a clean energy economy represents both effective policy as well as a pragmatic way to boost the corporate bottom line," said Brianna Murphy, Vice President of Shareholder Advocacy, Trillium Asset Management. "We urge North Carolina to follow the lead of the many corporations that have invested in clean energy—and our own clients, for whom we manage over $2.2 billion—by enthusiastically embracing the EPA's Clean Power Plan."

The letter follows a trend in which a growing number of businesses are increasingly relying on renewable energy and energy efficiency solutions to cut their costs and boost their competitiveness. A 2014 study co-authored by Ceres, Calvert Investments and the World Wildlife Fund found that 60 percent of Fortune 100 companies have set their own clean energy targets and have saved more than $1 billion a year in the process.

“North Carolina's abundance of clean energy resources was one of the reasons New Belgium chose to locate here,” said Jenn Vervier, Director of Strategy and Sustainability at New Belgium Brewing. “The Clean Power Plan presents an opportunity for the state to continue that leadership, and we support efforts by Gov. McCrory to develop a robust state implementation plan.”

"Having access to more renewable energy choices helps us manage our energy related costs as best we can, while also reducing our environmental impact," said Letitia Webster, senior director of global sustainability at VF Corporation, which is headquartered in Greensboro, N.C. "As a proud member of the North Carolina business community, we strongly encourage our state's political leaders to embrace the EPA's Clean Power Plan and the transition to a clean energy economy with policies such as the Energy Freedom Act and the Renewable Energy Portfolio Standards."

The businesses listed below emphasize that there is no tradeoff between continued economic growth and cutting carbon pollution, and strongly encourage Gov. McCrory to ensure North Carolina's timely finalization and implementation of the state's carbon pollution reduction plans.

“As you develop your implementation plan we hope you will include the building blocks of renewable energy and energy efficiency, which will allow you to mitigate the risks of climate change and the volatility of fossil fuel prices,” they state.

Bold indicates companies with >$100M in annual revenue and investors with >$2B in assets under management.

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of dozens of companies committed to working with policymakers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews

]]>No publisherTessa CastellaniExclude from HomepageEPA Clean Power Plan2015-07-31T03:55:00ZPress Release18 Michigan Companies and Investors Urge Gov. Snyder's Timely Implementation of EPA's Clean Power Planhttp://www.ceres.org/press/press-releases/18-michigan-companies-and-investors-urge-gov.-snyders-timely-implementation-of-epas-clean-power-plan
Today, 18 businesses and investors with a significant presence in Michigan issued a letter to Governor Rick Snyder offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan.Today, 18 businesses and investors with a significant presence in Michigan issued a letter to Governor Rick Snyder offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan. The letter was coordinated by the nonprofit sustainability advocacy organization Ceres.

The EPA Clean Power Plan is the nation’s first comprehensive effort to reduce carbon pollution from existing electric power plants—the single largest source of global warming pollution in the U.S. The plan sets unique emissions reduction targets for each state to achieve by 2030 and allows the states flexible approaches to meeting the reductions in their implementation plans, such as through deployment of renewable energy and energy efficiency.

The letter follows a trend in which a growing number of businesses are increasingly relying on renewable energy and energy efficiency solutions to cut their costs and boost their competitiveness. A 2014 study co-authored by Ceres, Calvert Investments and the World Wildlife Fund found that 60 percent of Fortune 100 companies have set their own clean energy targets and have saved more than $1 billion a year in the process.

"At Brewery Vivant, we have a deep commitment to balancing the financial health of our business with our impact on the natural environment and our community," said Kris Spaulding, co-founder of Brewery Vivant. "We have worked to have all of our facilities 100% renewably powered through Consumer's Energy Green Generation program, and we are the first LEED Certified commercial microbrewery in the United States. We urge Michigan's leadership to make a commitment to sustainability and renewable energy, starting with full implementation of the EPA's Clean Power Plan."

In recent years, Michigan has made significant progress in reducing greenhouse gas pollution through energy efficiency and renewable energy standards. The state reduced its carbon emissions by 12 percent between 2008 and 2013, and is well positioned to make additional reductions set out in the Clean Power Plan, thanks in large part to a 10% by 2015 Renewable Energy Standard. Clean energy development has brought thousands of jobs to Michigan and billions of dollars in cumulative capital investment, enough to earn the state the ranking of 5th in the country for clean energy job creation in Q1 2015.

“Staples is actively committed to minimizing our environmental footprint and helping our customers do the same. It’s simply smart business”, said Mark Buckley, Vice President of Environmental Affairs for Staples. “Implementation of the Clean Power Plan is key to enabling us to go further by providing more predictability and energy options."

The businesses listed below emphasize that there is no tradeoff between continued economic growth and cutting carbon pollution, and strongly encourage Gov. Snyder to ensure Michigan's timely finalization and implementation of our state's carbon pollution reduction plans.

“As you develop your implementation plan we hope you will include the building blocks of renewable energy and energy efficiency, which will allow you to mitigate the risks of climate change and the volatility of fossil fuel prices,” they state.

Bold indicates companies with >$100M in annual revenue and investors with >$2B in assets under management.

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of dozens of companies committed to working with policymakers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews

]]>No publisherMegan DohertyExclude from HomepageEPA Clean Power Plan2015-07-31T03:55:00ZPress Release24 Ohio Companies and Investors Urge Gov. Kasich's Timely Implementation of EPA's Clean Power Planhttp://www.ceres.org/press/press-releases/24-ohio-companies-and-investors-urge-gov.-kasichs-timely-implementation-of-epas-clean-power-plan
Today, 24 businesses and investors with a significant presence in Ohio issued a letter to Governor John Kasich offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan.Today, 24 businesses and investors with a significant presence in Ohio issued a letter to Governor John Kasich offering strong support for the Environmental Protection Agency’s Clean Power Plan for existing power plants, and encouraging the state’s “timely finalization” of its implementation plan. The letter was coordinated by the nonprofit sustainability advocacy organization Ceres.

The EPA Clean Power Plan is the nation’s first comprehensive effort to reduce carbon pollution from existing electric power plants—the single largest source of global warming pollution in the U.S. The plan sets unique emissions reduction targets for each state to achieve by 2030 and allows the states flexible approaches to meeting the reductions in their implementation plans, such as through deployment of renewable energy and energy efficiency.

The letter follows a trend in which a growing number of businesses are increasingly relying on renewable energy and energy efficiency solutions to cut their costs and boost their competitiveness. A 2014 study co-authored by Ceres, Calvert Investments and the World Wildlife Fund found that 60 percent of Fortune 100 companies have set their own clean energy targets and have saved more than $1 billion a year in the process.

"At Calvert Investments, we believe strongly that a combination of market, technological and environmental forces are all inexorably pushing companies and governments towards the need for renewable and cleaner power sources,” said Stu Dalheim, Vice President, Shareholder Advocacy, Calvert Investments. “We are committed to supporting policies which make progress in that direction, including the EPA's Clean Power Plan, which will foster more rapid development of solar, wind and other clean energy sources in states like Ohio. We strongly encourage Ohio's leaders to embrace this plan and to implement it fully."

In recent years, Ohio’s RPS and EERS were driving major emissions reductions, with a 19 percent reduction in carbon emissions from 2008 to2013. Clean energy development has brought thousands of jobs to Ohio and billions of dollars in cumulative capital investment, with 89,000 currently employed in the sector. Unfortunately, the state's recent freeze of these targets will make it more challenging to continue to reduce emissions and comply with the Clean Power Plan.

Companies and investors are actively calling for Ohio to reinstate its clean energy policies as a way to meet the state targets set forth in the Clean Power Plan. These state policies will do more than meet EPA targets, however. They will drive job growth and investment in Ohio and make it a more attractive place to do business.

“Ohio’s Renewable Portfolio Standard enabled Staples to construct one of the state’s largest solar arrays, 2.2 MW on our London, Ohio distribution center facility, saving us on our energy bills and lowering our carbon footprint," said Mark Buckley, Vice President of Environmental Affairs at Staples, Inc. "Implementation of EPA’s Clean Power Plan is vital for Ohio to continue on this clean energy trajectory.”

The businesses listed below emphasize that there is no tradeoff between continued economic growth and cutting carbon pollution, and strongly encourage Governor Kasich to ensure Ohio's timely finalization and implementation of the state’s carbon pollution reduction plans.

“As you develop your implementation plan we hope you will include the building blocks of renewable energy and energy efficiency, which will allow you to mitigate the risks of climate change and the volatility of fossil fuel prices,” they state.

Bold indicates companies with >$100M in annual revenue and investors with >$2B in assets under management.

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of dozens of companies committed to working with policymakers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews

]]>No publisherMegan DohertyExclude from HomepageEPA Clean Power Plan2015-07-31T03:55:00ZPress ReleaseClean Power Plan Map.pdfhttp://www.ceres.org/issues/climate-change/clean-power-plan/clean-power-plan-map.pdf
No publisherBrian Sant2015-07-30T13:45:00ZResourceStatement by Ceres President Mindy S. Lubber in response to White House Announcement: American Business Act on Climate Pledgehttp://www.ceres.org/press/press-releases/statement-by-ceres-president-mindy-s.-lubber-in-response-to-white-house-announcement-american-business-act-on-climate-pledge
This $140 billion in low-carbon investments are exactly the kinds of commitments we need to boost clean energy projects and other low-carbon solutions globally."This $140 billion in low-carbon investments are exactly the kinds of commitments we need to boost clean energy projects and other low-carbon solutions globally,” said Mindy Lubber, president of the sustainability advocacy nonprofit group Ceres. “Scaling such investments by an additional $1 trillion a year - what we call the Clean Trillion - is the only way to limit global warming to 2 degrees Celsius and avoid the worst impacts of climate change.

While this business leadership is encouraging, voluntary commitments alone will not get us the meaningful reductions we need. Strong carbon-reducing policies are hugely important, beginning with final EPA rules to curb US power plant emissions by 30 percent.

We applaud this effort by these 13 corporate leaders, including five Ceres member companies, Apple, PepsiCo, Bank of America, Coca-Cola and General Motors. With these Fortune 100 companies at its back, the White House is sending a strong signal that America is ready for a serious global climate deal at the upcoming Paris talks."

]]>No publisherMegan Doherty2015-07-27T13:55:00ZPress ReleaseEmissions from power plants fall even as economy improveshttp://www.ceres.org/press/press-clips/emissions-from-power-plants-fall-even-as-economy-improves
Carbon emissions have fallen even as the economy has improved since the recession, according to a new report, bucking historical trends as well as arguments by opponents of President Obama's environmental and climate regulations who say the administration's policies would crimp the economy.Carbon emissions have fallen even as the economy has improved since the recession, according to a new report, bucking historical trends as well as arguments by opponents of President Obama's environmental and climate regulations who say the administration's policies would crimp the economy.

The unlinking of economic growth and emissions increases was a key takeaway in the report, said Dan Bakal, director of electric power with business sustainability group Ceres, which helped craft the annual study. So too were overall emissions declines in regions that have criticized regulations such as the proposed Environmental Protection Agency rule that would set carbon limits for power plants.

"You see some pretty consistent declines in areas like the Southeast and the Midwest," Bakal told the Washington Examiner. "It makes the case that more is achievable."

While the report demonstrates that electric utilities and states are already pursuing emissions reductions on their own, their pace is not aggressive enough to avoid locking in some of the effects of climate change, which most climate scientists say is largely caused by burning greenhouse gas-emitting fossil fuels.

The report, which was led by M.J. Bradley & Associates with assistance from Ceres, Bank of America, electric utility Calpine, the Natural Resources Defense Council and others, surveyed the top 100 electric utilities by generation, which covered 85 percent of the nation's electric power and 87 percent of the industry's emissions. It comes as the Tennessee Valley Authority, the government-run utility and sixth-largest emitter, announced a long-term plan Monday to add more renewable energy and natural gas by 2033.

While overall carbon emissions are above 1990 levels, a combination of the recession, falling natural gas and renewable energy prices and environmental regulations have pushed emissions downward in recent years. Between 2008 and 2013, power plant emissions fell 12 percent. Bakal said lower electricity demand accounted for about half of the initial carbon emissions drop in the first two years after the recession, but the other factors have kept emissions levels basically flat for the past two years even as the economy has grown, the report said.

"Even while we've seen some pretty solid economic growth for a while now, emissions have continued to decline," Bakal said.

Emissions levels in recent years have fluctuated based on how much power plants use coal, which is twice as carbon dense as natural gas. As natural gas prices trended rose in 2013, more utilities turned to coal and emissions rose 2 percent between 2012 and 2013, according to the EPA.

Although carbon emissions have increased from 1990, emissions of mercury, with a 74 percent drop, and sulfur dioxide (80 percent drop) are lower. And the emissions rate of utilities — pounds of carbon dioxide emitted per megawatt-hour of electricity produced — has decreased since 2000 as companies have shifted away from coal and boosted energy efficiency.

That has significant implications for the EPA's Clean Power Plan. The proposed rule sets targets for states to reduce their electric fleet's emissions intensity, which the agency says can be accomplished by improving power plant efficiency, shifting from coal to natural gas, adding renewable power and bolstering customer-side energy efficiency.

Duke Energy, the largest electric power company in terms of generation, underscores the development of utilities becoming more efficient.

The company uses the second-most coal in the country and produces the most carbon emissions from coal than any other utility — its carbon emissions "increased dramatically" since 2000 because of its mergers with coal-heavy Cinergy in 2006 and Progress Energy in 2012, the latter of which boosted the company's total generation by 60 percent.

Yet the company's carbon emissions intensity has risen just 10 percent, which the report partially attributed to "an increase in low- and non-emitting generation."

While Duke's emissions rate has increased, the bump is far less than the relative size of coal-fired generation it added to its fleet. At the same time, other coal-heavy stalwarts have shaved emissions. Southern, which at one point was almost synonymous with coal, has slashed its emissions rate 31 percent since 2000 as it shifted toward natural gas. Similarly, NextEra's emissions rate has plummeted 46 percent.

But it's not all rosy for utilities looking to slash carbon to comply with the power plant rule, which is due for finalization next month. Bigger utilities are large enough to make improvements to their fleets, and the state utility regulators who govern rate increases needed to pay for new investments might be forced to approve projects so states can meet the EPA rule.

Electric cooperatives, though, are a different story — and they're in a precarious position, as the report showed. Of the nine utilities with the highest carbon emissions intensity, seven are electric co-ops. Co-ops are small utilities that are owned, financed and operated by communities and exist largely in the West and in rural locations.

Co-ops have a difficult time paying for upgrades and have largely resisted the proposed power plant rule. Its trade group, the National Rural Electric Cooperative Association, is advising its members to tell states to submit a compliance plan to the EPA that would seek emissions cuts only through improving power plant efficiency. The group contends that is the only measure under which the EPA has authority to require cuts.

Bakal said that reducing the emissions rate at co-ops would be challenging. However, they're not large producers of electricity, as the biggest emitter was ranked 38th for overall emissions. That means states might be able to craft compliance plans that inflict less pain on them.

"There's still a lot of different options there. So some states will encourage increased energy efficiency and some will encourage solar or community solar ... they may look at options for trading either within or between states," Bakal said of states with a large presence of co-ops. "In some cases it could mean decreasing the utilization of some plants."

]]>No publisherMegan Doherty2015-07-16T19:10:55ZPress ClipL’Oréal USA Deepens Commitment to Action on Climate Changehttp://www.ceres.org/press/press-releases/l2019oreal-usa-deepens-commitment-to-action-on-climate-change
n advance of the United Nations Climate Change Conference which will take place this fall inParis, L’Oréal USA announced today that it will further its commitment to sustainability by joining the Business for Innovative Climate & Energy Policy (BICEP) coalition, which advocates for broader clean energy policies.In advance of the United Nations Climate Change Conference which will take place this fall in Paris, L’Oréal USA announced today that it will further its commitment to sustainability by joining the Business for Innovative Climate & Energy Policy (BICEP) coalition, which advocates for broader clean energy policies. BICEP, a project of Ceres, is a coalition of businesses committed to working with policy-makers to pass meaningful energy and climate legislation that will enable a rapid transition to a low-carbon, 21st century economy. In 2008, BICEP was launched with five companies and has since expanded to 35 leading companies, such as General Mills, Nike, and eBay Inc., which represent a broad spectrum of business sectors.

As a coalition member, L’Oréal will work directly with key allies in the business community and relevant policy-makers in the global transition to clean energy. This work includes advocating for support and implementation of President Obama’s Clean Power Plan which will set the first-ever limits on carbon emissions from existing power sources in the United States. Under its global sustainability program, Sharing Beauty With All, L’Oréal pledges that 100 percent of products will have an environmental or social benefit and 100 percent of strategic suppliers will be evaluated on their social and environmental performance. In addition, carbon emissions in absolute terms, as well as water consumption and waste per finished product, will be cut by 60 percent.

“L’Oréal USA is deeply committed to reducing our carbon footprint and improving our environmental performance through innovative sustainability solutions,” said Jonathan Maher, Vice President of Corporate Social Responsibility & Sustainability for L’Oréal USA. The partnership with BICEP is another significant advancement in our strategy to promote more effective legislation that mitigates the risks of climate change and encourages the transition to a low-carbon economy.”

Last month, L’Oréal USA announced impressive reductions in CO2 emissions by 57 percent, from a 2005 baseline, which translates into a saving of nearly 60,000 metric tons of carbon dioxide. Reaching such a critical CO2 reduction milestone underscores the company’s long commitment to renewable energy and use of solar technology across its many facilities, representing today more than 35 million dollars in investment.

“L'Oréal USA is making incredibly strong progress on reducing its environmental footprint,” said Mindy Lubber, Ceres President. “We are thrilled that the company has joined the BICEP coalition to press for action on climate change during this critical year for the climate.”

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges is an advocate for sustainability leadership. Ceres mobilizes a powerful coalition of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Ceres directs the Investor Network on Climate Risk (INCR), a network of over 100 institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate and Energy Policy (BICEP), an advocacy coalition of 35 businesses committed to working with policy makers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews.

L’ORÉAL USAL'Oréal USA is the largest subsidiary of the L'Oréal Group, the worldwide leader in beauty. L'Oréal USA manages a portfolio of 30 iconic beauty brands, including Carol’s Daughter, Clarisonic, Essie, Garnier, Giorgio Armani Beauty, Kérastase, Kiehl’s, Lancôme, L’Oréal Paris, Matrix, Maybelline New York, NYX, Redken, Urban Decay and Yves Saint Laurent Beauté. In addition to its corporate headquarters in New York City, L'Oréal USA has research, manufacturing and distribution facilities across 13 other states including Arkansas, California, Florida, Kentucky, New Jersey, Ohio, Texas and Washington with a workforce of more than 10,000 employees. For more information, visit www.LorealUSA.com or follow on Twitter @LOrealUSA

]]>No publisherMegan Doherty2015-07-16T15:50:00ZPress ReleaseNew Report: U.S. Power Sector Continues to Reduce Air Pollution Emissions in Advance of EPA’s Clean Power Planhttp://www.ceres.org/press/press-releases/new-report-u.s.-power-sector-continues-to-reduce-air-pollution-emissions-in-advance-of-epa2019s-clean-power-plan
The most comprehensive analysis to date on U.S. power plant air pollution emissions shows that most of the nation’s largest electric utilities have seen significant reductions in global warming pollution in recent years.

The most comprehensive analysis to date on U.S. power plant air pollution emissions shows that most of the nation’s largest electric utilities have seen significant reductions in global warming pollution in recent years. The report’s release comes as the Environmental Protection Agency (EPA) prepares to finalize the Clean Power Plan to further reduce that pollution.

The new report, which examines carbon dioxide (CO2), nitrogen oxides (NOx), sulfur dioxide (SO2), and mercury emissions from the nation’s 100 largest electric power producers, found that CO2 emissions from power plants decreased 12 percent from 2008 through 2013, and that the economy has continued to grow even as CO2 emissions have declined.

Southeast (Entergy and Dominion), Midwest (Hoosier Energy and Associated Electric Cooperatives) and Southwest/West (OGE and Xcel) power producers are among those achieving some of the highest levels of improvement in their CO2 emission rates (pounds per megawatt hour, lb/MWh).

On a state level, between 2008 and 2013, a large majority of states (42) decreased their electric sector CO2 emissions. These states reduced their emissions by an average of 19 percent, according to a comparison with past Benchmarking reports. In terms of emission rates, 40 states decreased their all source CO2 emission rates by an average of 18 percent in the same time period.

While emissions overall are trending downward, the report found uneven performance across both power producers and the states. CO2 emissions rates (a measure of the carbon intensity of a power provider’s fuel mix) vary 10-fold among the top 100 producers, from a high of 2,264 pounds of CO2 per megawatt-hour of power (lb/MWh) for Big Rivers Electric in 2013, to 200 lb/MWh or less for companies such as Exelon, New York Power Authority, PG&E Corporation, and Iberdrola. Similarly, emissions rates range 10-fold in the states, from roughly 2,000 lb/MWh in Kentucky, Wyoming, and West Virginia to 200-300 lb/MWh in Idaho, Washington, and Oregon, based in part on their existing hydroelectric generation which is not included in the Clean Power Plan building blocks.

“Most parts of the country are firmly on the path toward a clean energy future, but some states and utilities have a longer way to go and overall the carbon emissions curve is still not bending fast enough,” said Mindy Lubber, president of Ceres, a nonprofit sustainability advocacy group, which helped produce the report. “To level the playing field for all utilities, and achieve the broader CO2 emissions cuts needed to combat climate change, we need final adoption of the Clean Power Plan.”

“Consistent with our efforts to advance clean energy, Exelon has low total emissions and some of the lowest emissions rates of the nation’s largest power producers,” said Chris Gould, senior vice president and chief sustainability officer of Exelon. “We continue to invest in carbon reduction initiatives and technologies across our business, both in our utility and power generation operations and through customer offerings, such as energy efficiency and distributed generation.”

“Entergy was the first American utility to adopt a voluntary carbon cap on emissions of carbon dioxide from its power plants and today, we have one of the cleanest generation fleets in the nation,” said Chuck Barlow, vice president of environmental strategy and policy for Entergy Corp. “We sponsor this report because the assessment and presentation of the data and information are important for our industry. We will continue our strong record of environmental performance as we provide affordable, reliable energy to our customers.”

The latest version of Benchmarking Air Emissions is being released as EPA is weeks away from issuing its final Clean Power Plan rule, which is expected to result in reductions in CO2 emissions from the electric power sector by 30 percent nationwide below a 2005 baseline by 2030.

The report is the 11th in a series since 1997 highlighting environmental improvements and progress in the nation’s electric sector. The 100 power producers evaluated in the report represent 85 percent of the electric power generated in the U.S. and 87 percent of the industry’s air emissions. Based on 2013 generation and emissions data from the U.S. Energy Information Administration (EIA) and EPA, the report is a collaborative effort between Ceres, Bank of America, four power producers (Calpine, Entergy, Exelon, and Public Service Enterprise Group), and the Natural Resources Defense Council. It is authored by M.J. Bradley & Associates.

“PSEG is proud to be part of the progress that has been made to reduce New Jersey power plant emissions,” said Geraldine A. Smith, General Environmental Counsel Managing Director, Environment, PSEG. “New Jersey has a low carbon-intensity, in part, because more than half of the state’s power is generated by nuclear plants, which produce no greenhouse gas emissions. In addition, PSEG has made energy efficiency a key component of our clean energy strategy. That is why we are investing almost $400 million in energy efficiency programs and want to invest more.”

“Calpine has long been at the forefront of emissions reductions and has historically been the lowest emitting fossil fueled generator. Our increasing reduction in emissions year over year, while increasing our generation, demonstrates this commitment, said Derek Furstenwerth, Senior Director, Environmental Services, Calpine.

Other key findings of the report include:

Air pollution emissions from power plants are highly concentrated among a small number of producers. Among the 100 largest generators:

Five (Duke, AEP, Southern, NRG, and MidAmerican) generate 25 percent of CO2 emissions, though Southern has seen a significant decline in emissions (27 percent) since 2000, and Duke has seen a 10 percent decline in its emissions rate even after its recent merger with Progress Energy.

Three (AEP, Southern, and NRG) generate nearly 25 percent of SO2 emissions.Coal accounted for 40 percent of the power produced by the top 100 power producers, followed by natural gas at 26 percent, nuclear at 22 percent, and renewable power, including large hydroelectric, and other at 14 percent.

SO2 andNOX emissions in 2013 were 80 percent and 74 percent lower, respectively, than they were in 1990, when major amendments to the Clean Air Act were passed

Mercury emissions have decreased 50 percent since 2000, when the industry was first required to report their mercury emissions to EPA.

Coal accounted for 40 percent of the power produced by the top 100 power producers, followed by natural gas at 26 percent, nuclear at 22 percent, and renewable power, including large hydroelectric, and other at 14 percent.

The utilization, or capacity factors, of coal plants continues to decline relative to natural gas plants, with coal plants’ average utilization rates declining from 73 to 61 percent, and natural gas plants increasing their utilization from 40 to 48 percent between 2008 and 2014.

“The nation’s power plants remain the largest source of carbon pollution and we can’t wait any longer to stem this growing danger to our health and economy,” said David Hawkins, Director of Climate Programs, Natural Resources Defense Council. “The good news is that America’s utilities are on a path to achieve the EPA’s Clean Power Plan and its major carbon pollution reductions. We need it now to secure cleaner energy, better health and a safer future.”

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of over 100 institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of 35 businesses committed to working with policy makers to pass meaningful energy and climate legislation. For more information, visit http://www.ceres.org or follow on Twitter @CeresNews

About Bank of America Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter @BofA_Community.

About Calpine Founded in 1984, Calpine Corporation is a major U.S. power company, currently capable of delivering more than 27,000 megawatts of clean, reliable and fuel-efficient power to customers and communities in 18 U.S. states and Canada. Calpine Corporation is committed to helping meet the needs of an economy that demands more and cleaner sources of electricity. Calpine develops, constructs, owns and operates a modern and flexible fleet of low-carbon, natural gas-fired and renewable geothermal power plants. Using advanced technologies, Calpine generates power in a reliable and environmentally responsible manner for the customers and communities it serves.

About EntergyCorporationEntergy Corporation (NYSE:ETR) is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 10,000 megawatts of nuclear power, making it one of the nation’s leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of more than $12 billion and approximately 13,000 employees.

Entergy’s participation in this report does not imply support for U.S. EPA’s proposed Clean Power Plan. Further detail may be found in Entergy’s comments submitted to the EPA on December 1, 2014.

About Exelon Exelon Corporation (NYSE: EXC) is the nation’s leading competitive energy provider, with 2014 revenues of approximately $27.4 billion. Headquartered in Chicago, Exelon does business in 48 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with more than 32,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to more than 2.5 million residential, public sector and business customers, including more than two-thirds of the Fortune 100. Exelon’s utilities deliver electricity and natural gas to more than 7.8 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO). Follow Exelon on Twitter @Exelon.

About PSEG Public Service Enterprise Group (NYSE: PEG) is a publicly traded diversified energy company with annual revenues of approximately $11 billion. Its operating subsidiaries are: Public Service Electric and Gas Company (PSE&G), PSEG Power, and PSEG Long Island. Public Service Electric and Gas Company (PSE&G) is New Jersey’s oldest and largest regulated gas and electric delivery utility, serving nearly three-quarters of the state’s population. PSE&G is the winner of the ReliabilityOne Award for superior electric system reliability. PSEG Power is a leading electric generator with three main subsidiaries: PSEG Fossil, PSEG Nuclear, and PSEG Energy Resources and Trade. PSEG Power operates one of the most balanced portfolios in the country, both in terms of fuel mix and market segment (base load units, load following units and peaking units) and is committed to operational excellence. PSEG Long Island operates the Long Island Power Authority’s transmission and distribution system under a 12-year contract.

About NRDC The Natural Resources Defense Council (NRDC) is an international nonprofit environmental organization with more than 1.4 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world's natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Livingston, Montana, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.

]]>No publisherMegan Doherty2015-07-14T12:05:00ZPress ReleaseBenchmarking Air Emissions of the 100 Largest Electric Power Producers in the United States 2015http://www.ceres.org/resources/reports/benchmarking-air-emissions-of-the-100-largest-electric-power-producers-in-the-unites-states-2015
The 2015 Benchmarking report is the eleventh collaborative effort highlighting environmental performance and progress in the nation’s electric power sector. The Benchmarking series uses publicly reported data to compare the emissions performance of the 100 largest power producers in the United States. The current report is based on 2013 generation and emissions data.The 2015 Benchmarking report is the eleventh collaborative effort highlighting environmental performance and progress in the nation’s electric power sector. The Benchmarking series uses publicly reported data to compare the emissions performance of the 100 largest power producers in the United States. The current report is based on 2013 generation and emissions data.

This report examines and compares the stack air pollutant emissions of the 100 largest power producers in the United States based on their 2013 generation, plant ownership, and emissions data. he report focuses on four power plant pollutants for which public emissions data are available: sulfur dioxide (SO2), nitrogen oxides (NOx), mercury (Hg), and carbon dioxide (CO2). These pollutants are associated with significant environmental and public health problems, including acid deposition, global warming, fine particle air pollution, mercury deposition, nitrogen deposition, ozone smog, and regional haze.

Key findings of the report include:

Air pollution emissions from power plants are highly concentrated among a small number of producers. Among the 100 largest generators:

Five (Duke, AEP, Southern, NRG, and MidAmerican) generate 25 percent of CO2 emissions, though Southern has seen a significant decline in emissions (27 percent) since 2000, and Duke has seen a 10 percent decline in its emissions rate even after its recent merger with Progress Energy.

SO2 and NOX emissions in 2013 were 80 percent and 74 percent lower, respectively, than they were in 1990, when major amendments to the Clean Air Act were passed.

Mercury emissions have decreased 50 percent since 2000, when the industry was first required to report their mercury emissions to EPA.

Coal accounted for 40 percent of the power produced by the top 100 power producers, followed by natural gas at 26 percent, nuclear at 22 percent, and renewable power, including large hydroelectric, and other at 14 percent.

The utilization, or capacity factors, of coal plants continues to decline relative to natural gas plants, with coal plants’ average utilization rates declining from 73 to 61 percent, and natural gas plants increasing their utilization from 40 to 48 percent between 2008 and 2014.

]]>No publisherMegan Doherty2015-07-14T12:00:00ZResourceCalifornia Companies Voice Support for Water-Saving Legislative Proposalshttp://www.ceres.org/press/press-releases/california-companies-voice-support-for-water-saving-legislative-proposals
In advance of a key hearing this week, a half-dozen major California companies are voicing public support for two water-related legislative proposals that will help protect California's limited water supplies amid and beyond the current devastating drought.In advance of a key hearing this week, a half-dozen major California companies are voicing public support for two water-related legislative proposals that will help protect California's limited water supplies amid and beyond the current devastating drought.

The companies are part of the Connect the Drops coalition, a business network organized by the nonprofit group Ceres advocating for strong policy solutions to build a sustainable water future in California.

“As a company headquartered in California, we have an obligation to respond to the state’s water crisis and do our part to conserve water at our facilities,” said Cecily Joseph, Vice President of Corporate Responsibility at Symantec, a technology company based in Mountain View. “However, we also need our state leaders to enact smart water policy solutions, such as SB 555 and AB1463, that will help maximize our current water resources statewide.”

Senate Bill 555 would establish annual requirements for filing water loss audit reports by urban water suppliers. Water lost from leaks and breaks are a significant problem in California. A 2010 study by the California Public Utilities Commission estimated that 10 percent of urban water - 870,000 acre-feet - is lost to leaks annually and that 40 percent of that water - 350,000 acre-feet - could cost effectively be recovered through leak repairs, targeted pipe replacement and other measures.

"SB 555 represents a reasonable approach to improving water loss management and reporting without placing an undue burden on urban water suppliers, and will ensure that performance standards, when set, are based on reasoned review of the water loss experienced by California's urban water suppliers," wrote the companies, in a letter to the bill’s author, Senator Lois Wolk.

AB 1463, supported by the same half-dozen companies as well as KB Home and Genentech, would require the State Water Resources Control Board to establish water quality standards, along with distribution, monitoring and reporting requirements, for onsite water recycling systems. In several cities, recycled water has already been approved for irrigation and other non-potable uses. In 2009, 669,000 acre-feet of treated municipal wastewater (which would support well over 10 million people) was beneficially reused in California, and 51 out of 58 counties have identified recycled-water projects in their water-plan updates.

"The bill will greatly aid in putting fresh potable water to its best use and employing 'near potable' recycled water for other uses," wrote the companies, in a letter to Assembly member Mike Gatto, adding that there has "been little effort (to date) in preparing the commercial and residential building stock for recycled water use."

“We understand that clean, accessible water is essential to the health of communities and critical for economic prosperity,” said Kim Marotta, Director of Sustainability at MillerCoors. “That is why throughout our entire value chain, including all of our breweries and brewery watersheds, we are constantly finding new ways to maximize every drop of water in our processes. That is also why we are calling on state leaders to adopt polices like SB 555 and AB 1463 that will help set California on a path towards a sustainable water supply and benefit residents, business and the environment alike.”

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of dozens of companies committed to working with policymakers to pass meaningful energy and climate legislation. For more information, visit www.ceres.org or follow on Twitter @CeresNews

]]>No publisherMegan Doherty2015-07-13T16:55:00ZPress ReleaseInvestors Worth $1.5 Trillion Support White House’s Methane Emissions Reduction Planhttp://www.ceres.org/press/press-releases/investors-worth-1.5-trillion-support-white-house2019s-methane-emissions-reduction-plan
As recent data show methane emissions rising from the oil and gas industry, and the White House moves forward with rules to reduce this pollution, leading investors representing $1.5 trillion in assets under management released a statement of support today for a strong federal standard. As recent data show methane emissions rising from the oil and gas industry, and the White House moves forward with rules to reduce this pollution, leading investors representing $1.5 trillion in assets under management released a statement of support today for a strong federal standard.

“As widely diversified, long-term investors with holdings in the oil and gas industry, we share a vested interest in the industry’s long-term success,” says the statement, which was coordinated by Ceres and Trillium Assets Management. “Consistent with our fiduciary duties, we are concerned that methane emissions pose a serious threat to climate stability, accelerating the rate of warming in the near term and threatening infrastructure and economic harm that will weaken not only the companies we invest in, but the nation as a whole.” For the statement and complete list of signatories, see: www.ceres.org/methanestatement

The White House’s proposal, released in January 2015, would cut methane emissions from the oil and gas industry by 45 percent below 2012-levels by the year 2025. A draft rule is expected this summer.

“As a long-term, global investor, CalPERS knows that climate change poses risks and opportunities,” said Anne Simpson, Senior Portfolio Manager and Director of Global Governance at CalPERS. We need effective regulation to allow markets to price those risks. Methane emissions are potent contributors to global warming so regulation to ensure that companies manage, monitor and ultimately limit these potent emissions is vitally important.”

Methane, the primary component of natural gas, is 25 times more potent as a greenhouse gas than carbon dioxide, over a 100-year period. Methane emissions occur throughout the entire oil and gas system, from production wells to distribution lines. Data released by the Environmental Protection Agency in April show that emissions in 2013 increased three percent over the previous year.

“Direct methane regulations would be good for the climate, the energy sector and the broader economy,” said Jonas D. Kron, Senior Vice President at Trillium Asset Management, LLC. “Evidence indicates that proven technologies that can reduce methane emissions by 40 percent at an average annual cost of less than one cent per thousand cubic feet of produced natural gas - a very cost effective price point. These technologies are commonsense ways to cut emissions and should be a central element of the EPA rules.”

Studies show that methane leaks cost the oil and gas industry nearly $2 billion each year. Capturing and reusing the gas represents a significant economic opportunity.

“Strong methane regulations will not only protect our environment, they will also strengthen oil and gas companies over the long-term and reduce energy costs to Americans,” said New York City Comptroller Scott M. Stringer. “As long-term shareowners of the nation’s oil and gas companies, we have a vested interest in promoting sustainable, industry-wide practices that will create shareowner value for years to come.”

Natural gas production has been steadily rising over the past several years and that trend is expected to continue, driven in part by demand in the electric power industry as it shifts toward cleaner burning fuels.

“It’s vital that we get regulation of methane emissions right, said Andrew Logan, director of Oil and Gas Programs at Ceres. “The EPA’s Clean Power Plan, due out in a month, will drive further adoption of cleaner burning natural gas by electric power providers.”

"I applaud the White House for its commitment to address climate change and improve air quality by introducing cost effective measures to reduce methane gas leaks in the oil and gas industry,” said New York State Comptroller Thomas P. DiNapoli. “Climate change may threaten the New York State economy, as well as the health of New Yorkers, and may negatively affect the returns on investments of the New York State Common Retirement Fund. We will continue to partner with Ceres and other investors to support common sense policies. In addition, we will continue to exercise our rights as shareholders by urging the companies we are invested in to take steps to mitigate climate change, adapt to risks, and take advantage of opportunities in a new clean energy economy."

About CeresCeres is a nonprofit organization mobilizing business and investor leadership on climate change, water scarcity and other sustainability challenges. Ceres directs the Investor Network on Climate Risk (INCR), a network of over 100 institutional investors with collective assets totaling more than $13 trillion. Ceres also directs Business for Innovative Climate & Energy Policy (BICEP), an advocacy coalition of 34 businesses committed to working with policy makers to pass meaningful energy and climate legislation. For more information, visit http://www.ceres.org or follow on Twitter @CeresNews

]]>No publisherMegan Doherty2015-07-01T10:00:00ZPress ReleaseCarbon Asset Risk: A Review of Progress and Opportunitieshttp://www.ceres.org/resources/reports/carbon-asset-risk-a-review-of-progress-and-opportunities
n September 2013, Ceres and the Carbon Tracker Initiative launched the Carbon Asset Risk (“CAR”) Initiative with support from the Global Investor Coalition. This report chronicles major shifts in the financial landscape since the CAR effort began.The concept of carbon asset risk – that the world’s fossil fuel companies hold at least three times more oil, gas and coal reserves than can realistically be burned in order to avoid potentially catastrophic climate warming – has risen to the forefront as Wall Street analysts, investors, regulators and governments increasingly recognize carbon asset risk as an actionable, systemic financial risk that must be brought under control.

In September 2013, Ceres and the Carbon Tracker Initiative launched the Carbon Asset Risk (“CAR”) Initiative with support from the Global Investor Coalition. The CAR Initiative was launched as 75 investors representing $3.5 trillion in assets called on 45 of the world’s largest fossil fuel companies to come clean on the risks of stranded assets.

This report chronicles major shifts in the financial landscape since the CAR effort began. Some of these changes can be linked directly to actions or progress achieved through the CAR Initiative or its many collaborative partners, while others are more indicative of the increased relevance of the carbon asset risk framing around wasted capital, stranded assets and unburnable carbon.

]]>No publisherMegan Doherty2015-06-30T13:15:00ZResourceDay Of Reckoning For Fossil Fuel Industryhttp://www.ceres.org/press/blog-posts/day-of-reckoning-for-fossil-fuel-industry
The fossil fuel industry is facing its day of reckoning – and not just because one of the world’s most prominent religious leaders, Pope Francis, is calling for action.The fossil fuel industry is facing its day of reckoning – and not just because one of the world’s most prominent religious leaders, Pope Francis, is calling for action. In fact, the industry’s moment of crisis has been in the making for years, as a variety of trends – from rising production costs to cheaper renewable energy and expanding carbon-reducing rules – have taken stronger hold.

Today, the fossil fuel monolith is under attack from some of the same people it used to count as its closest friends – Wall Street analysts, investors and governments – because fossil fuels are no longer a safe bet. It has become impossible to ignore the systemic financial risks inherent in the production of coal, oil and other fossil fuels.

Perhaps the most glaring, pressing risks are those associated with carbon reserves still in the ground. Better known as “carbon asset risks,” the bottom line is that the world’s fossil fuel companies hold at least three times more oil, gas and coal reserves than can realistically be burned without causing potentially catastrophic climate warming.

Almost two years ago, as part of the Carbon Asset Risk Initiative, 75 investors representing $3.5 trillion in assets called on the biggest players in the industry to fess up to these risks – and modify their business plans to deal with them.

Here are some of the key changes we’ve seen in the financial landscape, some of which are the result of escalating investor pressure:

First, cracks are emerging in the once-united fossil fuel industry. European oil companies are breaking with their U.S. peers and with coal. While climate-related shareholder resolutions passed at Shell (98.9%), Statoil (99.95%) and BP (98.3%), Chevron and Exxon opposed similar resolutions. Meanwhile, Shell, BP, Total, Eni, Statoil and BG Group have thrown coal under the bus by writing an open letter to the United Nations extolling the climate virtues of natural gas over coal and calling for a price on carbon pollution.

Secondly, the world’s largest importer and exporter of oil have both gone on record in ways that completely undercut bullish oil demand scenarios the industry uses to justify its business decisions. The head of Sinopec said that China’s demand for diesel fuel could peak as early as 2017 and demand for gas could peak by 2025. Meanwhile, Saudi Arabia’s oil minister is predicting that his country may no longer need fossil fuels in 25 years and that the future lies in clean energy. Furthermore, the Bank of England has commissioned an analysis on the risk of stranded carbon assets and the G-20 has asked the International Financial Stability Board to review global economic risks.

The third shift has been driven by investors, as over 20 fossil fuel companies have released detailed information about how they view their exposure to carbon asset risks including: whether they put an internal price on carbon, what screening prices they use for sanctioning projects, whether they assess their resilience to a 2 degree limit on global warming, and how they are planning for climate impacts.

While the quality of these disclosures varies, they have provided valuable information that investors have used to challenge faulty assumptions and boost awareness about the risks and uncertainty of investing in fossil fuels. In some cases, we’re seeing an impact within companies. Former coal giants like BHP Billiton and Exxaro, for example, have affirmed the consensus on climate science and the need to reduce greenhouse gas emissions. Meanwhile, Total has made major investments in solar and Statoil has created a new renewable energy division focused on offshore wind.

The fourth big indicator of change can be seen in the growth of renewables. Solar photovoltaic technologies for example, are already cheaper in many parts of the world than fossil fuel power, and UBS has predicted solar will replace nuclear and coal to become the “default technology of the future to generate and supply electricity.” Furthermore, extreme weather events from droughts to flooding to heat waves and wildfires weigh in favor of more distributed energy systems built around renewables and energy storage, to promote resilience.

Finally, members of Ceres’ Investor Network on Climate Risk, led by the New York City Comptroller and CalPERS, have ramped up pressure on boards of directors at 33 fossil fuel companies, which faced resolutions calling for “proxy access” or the right of major investors to nominate independent directors to company boards. Despite opposition from companies, many of the proposals received majority support at annual meetings, including Chevron’s. Shareholders also forced boards and CEOs to address their failure to adequately manage carbon asset risk by pushing resolutions aimed at adding board members with expertise on climate or directly challenging continued capital expenditures on high-risk projects.

Companies like Exxon and Chevron are betting that the next 100 years will look a lot like the last 100 years, even though the facts suggest otherwise. Investors, analysts, and even the Pope can see the writing on the wall: the global transition to a clean-energy economy is happening, and the fossil fuel majors are at risk of being left behind.